VinFast CEO says no need to rush into ‘loss-making US market’

VinFast CEO says no need to rush into 'loss-making US market' VinFast CEO says no need to rush into 'loss-making US market'

HANOI — Vietnam’s Nasdaq-listed EV maker, VinFast CEO Pham Nhat Vuong, said on Thursday that it would target Asian markets to boost sales in the coming years rather than focusing on the loss-making U.S. market.

“Currently, entering the U.S. market causes us loss. Big loss. So there is no need to rush,” said Vuong at the annual shareholder meeting of VinFast’s parent company Vingroup in Hanoi, adding that logistics, taxes and fees have been high due to geopolitical conflicts.